Netflix hires ex-Disney exec Peter Rice as chief content officer

Netflix (NFLX) said Thursday that former Disney (DIS) executive Peter Rice will succeed Bela Bajaria as chief content officer, effective Oct. 26.

Rice most recently oversaw Disney’s cable channels, news programming, and coverage of major sporting events.

“Peter is one of the most effective at-scale operators in the entertainment industry,” co-CEO Ted Sarandos said in a statement. “I’m excited to welcome him to Netflix as Chief Content Officer as we continue to scale and deliver members more of the stories they love.”

Before Disney, Rice held roles at 21st Century Fox (FOX) and Fox Searchlight Pictures. Netflix, in its statement, called him “one of the entertainment industry’s most respected creative executives.” In his new role, Rice will oversee the company’s global content organization, including scripted and unscripted series, film and live events.

"[Netflix has] shown again and again that they’re willing to take chances on distinctive voices and fresh ideas, and I’m excited to work with the team to help bring even more great stories to members everywhere,” Rice said.

The development comes as Netflix (NFLX) is conducting another round of layoffs and is anticipated to eliminate around 1,000 positions—or 6% of its staff—across departments in a push to prioritize investments and address dwindling engagement.

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